UGB skips refi to pay down debt

Bahrain’s United Gulf Bank (UGB) announced on Wednesday that it has fully repaid its $200m five year loan signed in June 2007. The bank does not plan to replace the loan with another facility, said Masaud Hayat, UGB chairman.

21 Jun 2012

The source of this loan repayment is completely from self-generated funds, Hayat added.

Deutsche Bank and RBS were bookrunners on the 2007 deal. They were joined by 16 other regional and international banks, including Asian lenders. The facility paid a margin of 75bp over Libor and a participation fee
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